ADSK closes within prior day's range after lackluster session


Autodesk Inc (ADSK) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
ADSK closes above its opening price after recovering from early selling pressure
ADSK ends the day on a bullish note closing near the high of the day
ADSK finds buyers again around 134.58
ADSK rises to highest close since March 15th
ADSK closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 55% Bullish
Technical Forecast:
Overview

ADSK ended Thursday at 136.52 gaining $0.59 (0.43%). Today's closing price of 136.52 marks the highest close since March 15th. Trading up to $0.83 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ADSK
Volatility

Thursday's trading range was $2.25 (1.66%), that's below last trading month's daily average range of $3.48. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Despite a weak opening Autodesk Inc managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 137.60. After having been unable to move lower than 134.89 in the prior session, the share found buyers again around the same price level today at 134.58.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 138.38 where further buy stops might get activated. With prices trading close to this year's high at 141.26, upside momentum could speed up should ADSK be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Autodesk Inc
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Hanging Man TQ Pro Members Only
Close to Swing High TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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